FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The amount of 8000 dollars is deposited in a savings account at 5.7% interest compounded monthly. Find the balance after 6 years and the amount

The amount of 8000 dollars is deposited in a savings account at 5.7% interest compounded monthly. Find the balance after 6 years and the amount of interest earned during that time.

Balance =

Interest =

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Undergraduates

Managerial Accounting For Undergraduates

Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.

1st Edition

1618531123, 9781618531124

Students also viewed these Finance questions

Question

compare the factors associated with sickness absence and sickness presence;

Answered: 1 week ago

Question

★★★★★
Before the mid-1970s, systems programmers and businesspeople (including accountants) did not communicate well with one another. The programmers were criticized for using too much jargon, and the...

Answered: 1 week ago

Question

★★★★★
mysql.php DEFINE('DB_USER', 'wp_eatery'); DEFINE('DB_PSWD', 'password'); DEFINE('DB_HOST', 'localhost'); DEFINE('DB_NAME', 'wp_eatery'); $dbcon = mysqli_connect(DB_HOST, DB_USER, DB_PSWD, DB_NAME);...

Answered: 1 week ago

Question

★★★★★
The argument of the complex number Q. 3 (A) (C) 2 Civila 1-i where i=-1, is (B) 2 (D) T

Answered: 1 week ago

Question

★★★★★
The following table presents measurements of the tensile strength (in kilopascals) of asphalt-rubber concrete beams for three levels of binder content and three levels of rubber content. a. Can you...

Answered: 1 week ago

Question

★★★★★
True or false: When the sample size is large, confidence intervals and hypothesis tests for 1 are valid even when the assumptions of the linear model are not met.

Answered: 1 week ago

Question

★★★★★
Federal Credit Bank has a loan receivable from Hawthorne Construction Company. Hawthorne is late making payments to the bank, and Robert Wheeler, a Federal Credit Bank vice president, is helping...

Answered: 1 week ago

Question

★★★★★
The following inventory transactions apply to Willow Company for 2012. The beginning inventory consisted of 175 units at \(\$ 34\) per unit. All transactions are cash transactions. Required a. Record...

Answered: 1 week ago

Question

★★★★★
Sphere A carries \(6.0 \mathrm{nC}\) of charge. It is placed \(100 \mathrm{~mm}\) from sphere B, which carries \(3.0 \mathrm{nC}\) of charge. Assume the spheres are much smaller than their separation...

Answered: 1 week ago

Previous Question Next Question